Phil Collins Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and
Question:
Phil Collins Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $34,460. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows.
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Operating expenses for the year allocated to this project total $18,200. Lots unsold at the year-end were as follows.
Group 1 ... 5 lots
Group 2 ... 7 lots
Group 3 ... 2 lots
Instructions
At the end of the fiscal year Phil Collins Realty Corporation instructs you to arrive at the net income realized on this operation todate.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Group No of lots Sales price per lot Total sales price Rela...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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